Yesterday was destined to become a watershed moment in the history of corporate cryptocurrency asset allocation. When Strategy (NASDAQ: $MSTR) announced its 100th Bitcoin acquisition, the global capital markets witnessed not just the birth of a numerical record, but a complete rupture in the paradigm of corporate financial governance. During a turbulent period when Bitcoin's price retracted to the $67,000 range, a profound debate about the "essence of treasury" was unfolding within the ranks of public companies: should digital assets be seen as a foundational belief that cannot be sold off, or as liquidity ammunition to support physical expansion?

1. Ultimate Standard: Strategy’s "Hundred Crowning" and Capital Flywheel

Strategy (NASDAQ: $MSTR) reached its 100th acquisition today, which not only represents a quantitative accumulation but also serves as the ultimate validation of its "Bitcoin standard" model. Since entering the market in 2020, Michael Saylor has constructed a sophisticated "Bitcoin appreciation flywheel" through ATM (market price issuance) plans, convertible bonds, and equity premiums.

“Volatility is the source of asset premiums, not risk.” — Michael Saylor said in a CNBC interview yesterday.

The logic of Strategy lies in utilizing its stock's premium capacity in the secondary market to convert the “unlimited financing capacity” in the fiat currency system into “limited hard assets” in the digital system. Through high-frequency, low-amount micro-investments, Strategy has completely transformed itself from a traditional software company into a "Bitcoin asset synthesis factory." This “eternal buy-in” model effectively uses capital market credit leverage to conduct a long-term and planned "vacuum extraction" of the global Bitcoin circulation supply.

2. Return to Realism: The Survival Rules Behind Bitdeer’s Liquidation

In stark contrast to Strategy’s belief system is the complete liquidation by Bitdeer (NASDAQ: $BTDR). As a leader in global computing power infrastructure, Bitdeer’s decision reflects the extremely harsh reality of the computing power industry in 2026: in the face of Moore's Law and the AI computing power race, the priority of heavy asset investment has surpassed the accumulation of treasury.

For Bitdeer, liquidating hundreds of millions in Bitcoin holdings is aimed at supporting the tape-out of its self-developed computing power chips and rapid expansion of global data centers.

This “strategic retreat” reflects the financial logic of realism in corporations: when the volatility of digital assets begins to threaten the survival of physical businesses (like chip R&D), liquidity protection takes precedence over the belief in long-term holding.

3. Ethereum Sovereignty: Bitmine’s "Validator" Ambition

Beyond the power play among Bitcoin giants, Bitmine Immersion Tech (NYSE American: $BMNR) is writing another treasury script. The disclosure of 4.37 million ETH holdings today reveals its grand strategy to achieve “protocol governance rights” through monopolizing the supply of Ethereum.

Under the PoS (Proof of Stake) mechanism, Bitmine’s 3.61% supply means it has become a significant validator force on the Ethereum network. The profound meaning of this configuration logic is as follows:

1. Native Cash Flow: Generating approximately 3% - 5% annualized returns through staking, addressing the pain point of treasury assets that “do not generate interest.”

2. Protocol Voice: A large validator scale grants it voting rights in on-chain governance and network upgrades.

3. Dual Engine Drive: Computing power output (AI custody) + staking output (Ethereum interest), establishing a dual cash flow base.

4. Three Judgments on Corporate Allocation Entering the "Deep Water Zone" in 2026

Through a deep review of yesterday's dynamics, we can summarize three new trends in corporate allocation for 2026:

1. From "Holding Coins" to "Production": Companies like American Bitcoin Corp (NASDAQ: $ABTC), which achieve endogenous growth through computing power (Yield of 116%), display greater financial resilience than companies that simply consume cash to buy coins.

2. Regional Differences Emerge: Metaplanet (TSE: 3350)'s awakening in the Japanese market proves that under the pressure of depreciation of non-dollar fiat currencies, Bitcoin has become the "lifeline" for enterprises to maintain global competitiveness.

3. Valuation Logic Differentiation: Wall Street has begun to treat "coin-holding stocks" and "computing power stocks" differently. The former is seen as high-end tokens of Bitcoin, while the latter is viewed as “public utility providers” in the digital age.

February 23, 2026, marks the "coming of age" for corporate-level cryptocurrency allocation. Strategy's 100th acquisition signifies an ultimate victory in capital operations, while Bitdeer's liquidation serves as a reminder of the extreme desire of physical business for liquidity. In this all-weather, global game, cryptocurrency assets are no longer a mere ornament in the corner of financial statements; they are the core fuel determining a company's survival in the next decade.

Data Source: https://bbx.com/ Cryptocurrency concept stock information database, compiled based on announcements from global public companies and SEC/TSE disclosure documents from yesterday.

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